How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Thomas Your Own Question

Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6647
Experience:  BA (Hons), PgDip, Practising Solicitor
28732269
Type Your UK Law Question Here...
Thomas is online now
A new question is answered every 9 seconds

How can I stop a credititor getting there hands on my house

Resolved Question:

How can I stop a credititor getting there hands on my house if I go bankrupt?

Many thanks.

G
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.
Hi
Do you own the house jointly or with another person?

Tom
Customer: replied 3 years ago.

Hi Tom,


 


Me and my wife own the house.


 


Thanks G

Expert:  Thomas replied 3 years ago.
Hi

You have children?

Tom.
Customer: replied 3 years ago.

Yes 2 children. But I want to stop them putting a charge on the house.


More info that may help.


I am a builder sole trader. A project did not goto plan and the clients are suing me for between £15k and £50K. There is a chance I will win the case. But if I dont I dont want to loose everything we have worked for. Hence considering Bankrupcy. I am trying to protect everything if the worse happens! Thanks. G


 

Expert:  Thomas replied 3 years ago.
Ok.

If your wife isn't party to the claim then her interest in the house or proceeds of sale will always be protected.

As you say, the. Creditors can enforce the debt in two ways. If they get a charging order or you enter bankruptcy then you share of the house is at risk I'm afraid, there is not a lot of getting around it. However you and your family will be able to defend on the basis that it is the family home and you require it to house yourselves. The court will only very reluctantly make an order where there are children that require a home.

In the case of bankruptcy the sale of they home (if there is no other option) can be postponed until the end of the first year. You would need to speak to your trustee in bankruptcy about this. Perhaps during this time you can accrue enough income to make some form of proposal that it acceptable to you creditors. If not, it will at least give you time to organise new accommodation.

You cannot simply gift you share of the house away because the courts have very wide powers to set aside transactions that are taken with a view to defrauding your creditors.

Sorry it could not be better news.

If this is useful please kindly click accept. You will be free to ask follow up questions.

Kind regards
Tom
Customer: replied 3 years ago.

After paying mortgage company and fees I would only be left with around £5k! Would I be forced to sell for such a small sum!?

Expert:  Thomas replied 3 years ago.
Hi

The ability to settle the amount owed would be a consideration of the court and for that sum of equity and in view that it is the family home I would be surprised if an order to sell was made.

Trust this clarifies, if so please click.accept.

Kind regards

Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6647
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 3 other UK Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
< Last | Next >
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
  • I did not know a French Law service existed and I was very impressed with the speed of reply --- very professional. Many thanks! Ms. Baker Alfafar, Spain
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie USA
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
 
 
 

Meet The Experts:

 
 
 
  • Ben Jones

    Solicitor

    Satisfied Customers:

    8364
    Specialist in UK Law with expertise in UK Employment Law
< Last | Next >
  • http://ww2.justanswer.com/uploads/venkoj/2010-02-20_133027_ben_pic.jpg Ben Jones's Avatar

    Ben Jones

    Solicitor

    Satisfied Customers:

    8364
    Specialist in UK Law with expertise in UK Employment Law
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg INC's Avatar

    INC

    Solicitor-Advocate

    Satisfied Customers:

    3850
    LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
  • http://ww2.justanswer.com/uploads/taratill/2010-03-09_111600_phpsik04M_c2AM.jpg Jenny Mackenzie's Avatar

    Jenny Mackenzie

    Satisfied Customers:

    2612
    Over 10 years experience in general legal matters
  • http://ww2.justanswer.com/uploads/matthewjones/2009-9-7_20342_picture_007.jpg Matthew J's Avatar

    Matthew J

    Solicitor

    Satisfied Customers:

    323
    4 y PQE (Partner) - Commercial / Residential Property & Property and Civil litigation experience
  • http://ww2.justanswer.com/uploads/TO/touchwoodsden/2013-12-6_91518_MeforJA.64x64.jpg Stuart J's Avatar

    Stuart J

    Solicitor

    Satisfied Customers:

    5198
    PGD Law. 20 years legal profession, 6 as partner in High Street practice
  • http://ww2.justanswer.com/uploads/RE/Remus2004/2012-4-22_93111_2bigstockPortraitOfConfidentFemaleL6943985.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    24742
    Over 5 years in practice.
  • http://ww2.justanswer.com/uploads/JO/Josh2010/2012-4-29_19490_GettyImages80121770B.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    6561
    LL.B (Hons), Higher Prof. Dip. Law & Practice
 
 
 
Chat Now With A Solicitor
Thomas
Thomas
2107 Satisfied Customers
BA (Hons), PgDip, Practising Solicitor